DEALS Cutting the perfect deal, flawless in its execution Absa | Corporate and Investment Banking > Insights and Events > Cutting the perfect deal, flawless in its execution SHARE We are proud to have successfully assisted Petra Diamonds in structuring and executing a tender offer to holders of their existing bonds. The transaction was a $146m buyback funded by available cash on balance sheet. The client’s vision was to utilise recent strong performance to reduce gross debt in the business and optimise the capital structure by reducing the absolute debt levels, lowering cost of debt, and reducing future refinancing risk on the target bonds. On conclusion, the company successfully repurchased their bonds, lowering interest cost and reducing refinancing risk. We acted as Dealer Manager of the liability management and as sole 1st Lien Lender, providing the required consent to allow the transaction to move forward. We were able to leverage our deep local understanding of the client and their business while providing relevant international market colour to help form the execution strategy for the transaction. We were able to activate our US and UK salesforces in order to engage global investors, leveraging our international platform. That’s Africanacity. Contact Victor Germeshuizen https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles DEALS Towards creating a sustainable future in retailing We are proud to have acted as Original Lender and Sustainability Agent for Shoprite Group for their ZAR2 billion Sustainability-linked Loan. Read more DEALS Facilitating financing of sustainable spaces We are proud to have acted as sustainability coordinator for Growthpoint Properties in refreshing their externally verified, Green Bond Framework to comply with the new JSE Listing Requirements and arranging their Green Bond issuance valued at R1 billion. Read more DEALS Expanding the continent’s access to green energy We are proud to have acted as Mandated Lead Arranger, Hedge Bank, Agent Bank and Account Bank for EDF-R’s three wind energy projects, part of South Africa’s REIPPP Programme. Read more
